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Perkins, Health Professions, Health Professions Loans for Disadvantaged Students (LDS), and Nursing Loan Documents
Which Loan Documents Must You Sign?
What You Will Need to Sign Your Loan Documents
How to Sign Your Loan Documents
How Much Are You Borrowing?
How to Reduce or Cancel Your Loans
Receiving Your Loan Funds
WHICH LOAN DOCUMENTS MUST YOU SIGN?
In general:
- Perkins Loan borrowers: You must sign a Master Promissory Note (MPN) if you are awarded a Perkins Loan for the FIRST TIME ever this aid year or if you didn't sign an MPN when awarded Perkins in the past (prior to aid year 2004-2005). The MPN is a "master" note, which authorizes the University to credit the loan funds to your U-M student account for multiple years. If you previously signed a Perkins MPN, you do not need to sign another one.
- Health Professions, LDS, and Nursing Loan borrowers: You must sign an MPN and a Rights and Responsibilities Statement.
Once you sign an MPN this year, you will not need to sign another one for the duration of your University of Michigan education (it is a master note that covers all years you borrow through these loan programs from here on out). However, for each aid year for which you borrow these funds in the future, you will need to sign a new Rights and Responsibilities Statement in order to receive your loan funds.
Please note that some students may be required to sign more than one MPN, depending upon which loan programs they are borrowing from. See the View Document Status page of Wolverine Access to find out what documents you need to sign.
| If you accepted a Federal Direct Stafford Loan (Subsidized and/or Unsubsidized), you will receive separate notification about how to complete a Master Promissory Note for this loan program. |
WHAT YOU WILL NEED TO SIGN YOUR LOAN DOCUMENTS:
Complete/sign your Perkins, Health Professions, LDS, and/or Nursing Loan documents online process using Wolverine Access. You will need the following items before you begin the process:
1. Social Security Number.
2. Birth date.
3. Names, addresses, and telephone numbers for at least two adult references who are not your parents (references must have different addresses than each other and you).
4. If you are using a Macintosh computer, you must use the Internet Explorer web browser; otherwise, you may not be able to complete the loan documents e-signature process.
HOW TO SIGN YOUR LOAN DOCUMENTS:
1. Before you sign your loan documents, it is recommended that you FIRST verify that your address and phone number are correct in Wolverine Access (Student Business > login > Addresses and Phone Numbers).
2. Next, while in Wolverine Access, select Financial Aid > Loans. There should be a link available to eSign your loan documents.
3. Follow the directions on this site to complete and electronically sign your loan documents. It is strongly recommended that you set aside sufficient time to complete the entire e-signature process in one sitting. The approximate time to complete the process is 15 minutes. Please note that some students may be required to sign more than one MPN. Completing your loan documents online is the fastest and easiest way to complete these loan documents.
4. If you are unable to complete the e-signature process online, you may request a paper copy of the loan documents; however, the process of signing paper loan documents takes much longer (up to three weeks) and you will not be able to access a copy of your signed loan documents online in the future. Contact your financial aid office for more information.
HOW MUCH ARE YOU BORROWING?
There are various ways to determine this:
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The Perkins, Health Professions, LDS, and Nursing Loan amounts you may borrow for the current award period are listed on your financial aid award notice (see Wolverine Access > Student Business > login > Financial Aid > Awards). Wolverine Access also allows you to see the cumulative amount you have borrowed to date through all loan programs (select Loans > View Student Loan Summary).
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Once you have signed your loan documents and shortly before your loan funds are disbursed to you, you will receive a disclosure statement email, which will specify the loan amount you are borrowing and other important information about your loan. You will receive similar disclosure emails each time you borrow through the Perkins, Health Professions, LDS, and/or Nursing Loan programs.
| To receive your loan funds, you will NOT need to complete a new MPN each time you are awarded a Perkins, Health Professions, LDS, and/or Nursing Loans; as long as you do not decline these loans when they are awarded to you. However, Health Professions, LDS, and Nursing Loan borrowers MUST sign a Rights and Responsibilities Statement on Wolverine Access each aid year, in order to receive these loan funds. |
HOW TO REDUCE OR CANCEL YOUR LOANS:
If you want to REDUCE or CANCEL (DECLINE) your loans BEFORE you receive your funds, go to Wolverine Access > Student Business > login > Aid Year > Awards > Accept/Decline Financial Aid. To reduce or decline the funds AFTER you have already received them, contact your financial aid office right away. You do not need to sign your loan documents if you are canceling your loan awards.
RECEIVING YOUR LOAN FUNDS:
You must have signed all your loan documents and be enrolled at least half-time to receive your loan funds. These funds will be applied to your student account to cover tuition, fees, and University housing. Excess funds (called a refund) will be mailed to your current/local address (as listed on Wolverine Access) or directly deposited to your bank account (if you have direct deposit). For more information on receiving your financial aid funds, click here (Medical students: please see the Medical School Financial Aid Office for disbursement information). Remember, each time you borrow through the Perkins Loan program, you will automatically receive your Perkins Loan funds unless you decline them (you do not need to complete a new Perkins MPN each time you borrow). If you borrow from the Health Professions, LDS, and Nursing Loan programs again in future aid years, you will only need to sign another Rights and Responsibilities Statement, not another MPN, to receive your loan funds.
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